Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $366,000 for January. In February, a customer received warranty repairs requiring $295 of parts and $95 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in February Accounts Receivable Cash Product Warranty Expense Product Warranty Payable Wages Payable Quick Ratio Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years: Current Year Previous Year Current assets: Cash $496,000 Accounts receivable 440,000 $500,000 235,000 198,000 Inventory 271,000 Total current assets $1,207,000 $933,000 Current liabilities: Current portion of long-term debt Accounts payable $83,000 $74,000 166,000 Accrued and other current liabilities 147,000 269,000 271,000 Total current liabilities $520,000 $490,000 a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place. Quick Ratio Previous year: Current year: b. How did the quick ratio change between the two balance sheet dates? Decreased Increased